Brewery Credit Union: Bringing BEER to Work

The Brewery Credit Union (BCU) has more on tap than just savings accounts and car loans. The community not-for-profit organization also offers BEER, or Brewery Employees Education Resource programs.

“We
always strive to educate,” said Marketing Director Mikal Gilliat, who
noted that BCU’s seminars for first-time home buyers regularly draw 20
or more participants. “In this kind of economy, more people have
questions about their finances. We explain things like credit scores,
investing and how to manage money.”

BCU
also offers payday loans at rates far below the competition, where
interest can be as high as 90%. “We saw too many members being taken
advantage of by payday lenders,” Gilliat said. “Those places avoid
posting the APR [annual percentage rate], and just tell the public they
are charging ‘X’ amount for $50 borrowed. We are upfront and charge far
less.” The credit union is open to the public, but offers special rates
and programs to member organizations. Gilliat said that Time Warner
employees will join BCU September.

The
credit union recently began offering mortgages. “One customer said he
had been trying to buy a house for 10 years, but was always turned down
because his credit score was too low,” Gilliat said. “Our mortgage specialist sat down with him, and in five minutes figured out there were
three huge errors on his credit report.”

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